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Momentum returned to the AI trade early last week. Anthropic’s IPO filing on Monday revealed a far more profitable business than investors had expected, and the AI trade rallied. SK Hynix added to it with blockbuster results overnight Tuesday.
Then the trade unraveled. Alphabet’s earnings disappointed on Wednesday, and Intel’s report triggered a chip rout on Friday. The Nasdaq fell 2.9% on the day. Intel plunged 28.6%. SanDisk fell 13.5%, AMD 10.9%, and Arm 10.0%.
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